Pension assets rise to N31.48trn in June, says PenCom DG Omolola Oloworaran
By Eberechi Obinagwam
The National Pension Commission (PenCom) has said pension assets rose to N31.48 trillion in June 2026.
The Director-General of PenCom, Omolola Oloworaran, who disclosed this on Tuesday at the 2026 PenCom Media Conference in Lagos, with the theme, “From Reform to Reality: Renewed Hope, Pension Security for Nigerians,” said pension assets increased from N20.79 trillion in July 2024 to N31.48 trillion in June 2026, representing more than N10.7 trillion in new retirement wealth in less than two years.
She said 938,229 Nigerians also joined the CPS during the period, describing the funds as savings that workers would depend on in later life and pledging that PenCom would steward them “with competence, integrity and prudence.”
“Under the President’s leadership, these savings are also working harder for Nigeria. Pension funds are diversifying: investing in Nigeria, investing in real assets, and building better retirement outcomes for contributors,” she said.
Oloworaran also warned employers against deducting pension contributions from workers’ salaries without remitting them to their Retirement Savings Accounts, describing such deductions as “a breach of trust and a breach of the law.”
She said recoveries from defaulting employers broke the record last year and had already surpassed it this year, with cumulative recoveries standing at N36.6 billion as of July 2026.
“We will find what is owed, we will recover it, and we will hold those responsible to account,” she said.
PenCom also confirmed that two major pension initiatives, PenCare and the Minimum Pension Guarantee, will move from reform to implementation during the National Pension Week scheduled to hold from October 26 to 30.
Oloworaran said PenCare, the commission’s retiree healthcare programme, will provide eligible low-income retirees with access to essential healthcare at no cost, beginning with 30,000 retirees.
She said the Minimum Pension Guarantee, which has been provided for in pension law for more than a decade, will also take effect during the week, providing a minimum floor below which no eligible retiree under the Contributory Pension Scheme will fall.
She also disclosed that, for the first time, the Federal Government had cleared pension liabilities it inherited, some of which had been outstanding since 2007.
Oloworaran said President Bola Tinubu approved the N758 billion Federal Government Pension Bond, through which payments had reached 957,045 beneficiaries.
“These obligations had passed from one administration to the next. This administration chose to settle them. That is what statesmanship looks like. Not a promise made. A debt paid,” she said.
She added that accrued pension rights were now being paid as and when due and, in many cases, ahead of time, with accrued rights already credited to the Retirement Savings Accounts of enrolled federal employees due to retire up to December 2029.
According to her, under the commission’s Zero Waiting Time policy, federal retirees now begin receiving their pensions as they retire, in line with the monthly salary cycle, while pension benefits that previously took up to 21 months to approve are now being approved within 48 hours.
She urged eligible employees and Ministries, Departments and Agencies to complete the enrollment process before it closes in December 2026.
The PenCom Director-General, Omolola Oloworaran, credited President Bola Ahmed Tinubu with the administration’s pension reforms, pointing out what she described as seven historic firsts delivered during his administration, with two more expected within weeks.
She said the President had settled inherited pension obligations, approved new benefits and accelerated the processing of retirement benefits, describing him as a “pro-worker and pro-retiree President.”
“Governments are often remembered for what they promised. Statesmen are remembered for what they paid. President Bola Ahmed Tinubu has chosen to be judged by the second standard,” she said.
Oloworaran said PenCom’s responsibility was to make the gains permanent through sound regulation, dependable administration and results that Nigerians could see.
Looking ahead, Oloworaran said PenCom was also building for the long term, noting that the Pension Industry Leadership Council on September 24 approved an independent assessment of the maturity of Nigeria’s pension industry against international standards.
She said the commission was also developing a Pension Transformation Agenda 2030 to provide clear priorities and measurable milestones for its reforms.
According to her, the changes were already translating into tangible outcomes for Nigerians, from retirees receiving outstanding benefits and improved pensions to workers leaving service with their accrued entitlements and more Nigerians joining the pension system.
“That is reform become reality. That is Renewed Hope, kept,” she said.
She also unveiled the maiden edition of PenCom Chronicles, a publication documenting the reforms, decisions and achievements shaping Nigeria’s pension industry.
Oloworaran also formally announced the 2026 National Pension Week, scheduled to hold from October 26 to 30, and launched its official website.
